Verint Systems to launch $780 million credit facility on Wednesday

By Sara Rosenberg

New York, April 5 - Verint Systems Inc. is scheduled to hold a bank meeting on Wednesday to launch a proposed $780 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are the lead banks on the deal.

The facility consists of a $200 million five-year revolver and a $580 million 61/2-year term loan, with both tranches talked at Libor plus 350 basis points to 375 bps with a 1.25% Libor floor and an original issue discount of 99, the source said.

The revolver has a 50 bps unused fee.

Proceeds will be used to refinance existing debt.

Total leverage is less than 3 times.

Commitments are due on April 25.

Verint Systems is a Melville, N.Y.-based provider of actionable intelligence and value-added services.

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